The Capital Market Authority has announced the approval of the prospectus of Phoenix Power to offer 35% of its capital at RO 65.3 in an initial public offering.  512 million shares will be offered at an issue price of 110 Baisas per share.

The subscription will commence on Sunday 10 May 2015 and continues until  Wednesday 8 June 2015 for Omanis, non -Omanis, natural and juristic persons.

The issued and  paid up capital of the company is RO 156 million. Minimum subscription for the first category of  small investors will be 1000 shares and then the multiples of 100 shares at a maximum of 600,000 shares. Subscription for institutional investors will start with 600,100 shares and then the multiples of 100 shares at a maximum of 10% of the offered shares at 51,191,000 shares.

The prospectus provides allocation in the event of over subscription  will be on pro rata basis at 656% of the offered shares for the first category at 332.7 million shares and  35% of the offered shares for the second category at 179.16 million shares.

Pursuant to Article 65 of the Commercial Companies Law a minimum limit of shares may be allocated equally to all subscribers taking into consideration small investors and distribution of the remaining shares on pro rata basis in consultation between CMA and the issue manager.